I last blogged about bringing your financial documents, if you are relocating and might be buying a new home. Here are the basic financial documents needed before getting a mortgage or mortgage pre-approval. Additional documentation may be needed depending on your lender.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
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Good job, Fran! Those are needed for pre-approval. When we get to signing the application we also need the front and back of the borrowers driver’s license (thank you, Patriot Act….), bank statements for ALL assets listed (401Ks, etc.) and sometimes what are called “Letters of Explanation” for such things as anomalies on their credit report, paid off loans that are showing up on credit, bankruptcies, etc.
And bringing strong hands/wrists for the zillion documents they’ll have to sign is good, too!